BLACKROCK MUNICIPAL 2018 TERM TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-10501

Name of Fund: BlackRock Municipal 2018 Term Trust (BPK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal

2018 Term Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2015

Date of reporting period: 09/30/2015

Item 1 – Schedule of Investments

Schedule of Investments September 30, 2015 (Unaudited)   

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par  
(000)		     Value  

Alabama — 0.2%

    

Alabama 21st Century Authority, Refunding RB, Series A, 5.00%, 6/01/18

   $ 500      $ 550,710   

California — 8.4%

    

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/19

     2,570        2,951,594   

California Pollution Control Financing Authority, RB, Waste Management, Inc. Project, Series C, AMT, 5.13%, 11/01/23 (a)

     6,500        6,590,220   

California Pollution Control Financing Authority, Refunding RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series C, AMT, 5.25%, 6/01/23 (a)

     4,055        4,309,897   

Los Angeles Regional Airports Improvement Corp., Refunding RB, Facilities Lease, LAXFuel Corp., AMT:

    

5.00%, 1/01/17

     450        473,625   

5.00%, 1/01/18

     930        1,009,822   

Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20

     3,750        4,277,175   

Oakland Unified School District/Alameda County, Refunding, GO., 5.00%, 8/01/18

     1,000        1,097,330   
   

 

 

  
              20,709,663   

Colorado — 2.6%

    

Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School, 4.00%, 8/15/18

     175        187,598   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:

    

4.00%, 12/01/17

     515        539,906   

4.00%, 12/01/18

     540        574,047   

Park Creek Metropolitan District Colorado, Refunding RB, Senior L Limited Property Tax, 5.25%, 12/01/20

     5,010        5,081,643   
      6,383,194   
Municipal Bonds   Par  
(000)		     Value  

Delaware — 0.3%

    

Delaware State Economic Development Authority, RB, State University Project, 5.00%, 10/01/18

   $ 735      $ 817,820   

Florida — 5.0%

    

County of Broward Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 5.00%, 10/01/18

     3,930        4,380,850   

County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22

     1,250        1,380,612   

County of Indian River School Board, COP, Refunding, Series A, 5.00%, 7/01/18

     600        664,650   

County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/18

     2,000        2,217,220   

Miami Beach Health Facilities Authority, Refunding RB, Mount Sinai Medical Center, 4.00%, 11/15/18

     250        269,405   

Miami-Dade County School Board Foundation Inc, COP, Refunding Series A, 5.00%, 5/01/18

     1,500        1,656,585   

Pine Island Community Development District, RB, 5.30%, 11/01/10 (b)(c)

     400        224,360   

Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13 (b)(c)

     2,270        1,588,796   
   

 

 

  
        12,382,478   

Guam — 0.3%

    

Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19

     620        708,666   

Hawaii — 0.2%

    

Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living Revenue, 5.00%, 11/15/18

     370        401,202   

Illinois — 8.2%

    

Chicago Transit Authority, Refunding RB, 5.00%, 6/01/18

     1,000        1,078,210   
 

 

                
   BLACKROCK MUNICIPAL 2018 TERM TRUST    SEPTEMBER 30, 2015    1

Schedule of Investments (continued)

   

BlackRock Municipal 2018 Term Trust (BPK)

 

Municipal Bonds   Par  
(000)		     Value  

Illinois (continued)

    

City of Chicago Illinois, RB, General Airport, 3rd Lien, Series A (AMBAC):

    

5.00%, 1/01/19

   $ 5,000      $ 5,055,800   

5.00%, 1/01/20

     3,000        3,033,330   

Illinois Finance Authority, Refunding RB:

    

Central DuPage Health, Series B, 5.00%, 11/01/18

     2,290        2,540,526   

Peoples Gas Light and Coke Co. Project, Series B, 1.88%, 2/01/33 (a)

     2,000        2,005,040   

Series A, 5.00%, 11/15/18

     1,000        1,116,200   

State of Illinois, GO, (AGM), 5.00%, 4/01/18

     465        492,444   

State of Illinois, RB, Build Illinois, Series B:

    

5.00%, 6/15/18 (d)

     355        394,622   

Unrefunded Balance, 5.00%, 6/15/18

     1,645        1,815,225   

State of Illinois, GO, Refunding, 5.00%, 8/01/18

     2,500        2,672,800   
   

 

 

  
        20,204,197   

Indiana — 3.2%

    

City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24

     2,755        2,455,890   

Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19

     1,715        1,794,885   

Indiana State Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/19

     875        983,132   

Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17

     2,500        2,635,225   
   

 

 

  
        7,869,132   

Iowa — 1.6%

    

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19

     3,720        3,925,381   
Municipal Bonds  

Par  

(000)

     Value  

Kansas — 1.1%

    

Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.00%, 11/15/18

   $ 2,500      $ 2,795,825   

Kentucky — 3.5%

    

County of Kenton Kentucky School District Finance Corp., Refunding RB, 2.50%, 6/01/18

     3,210        3,335,479   

County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 12/01/18

     1,755        1,963,687   

Kentucky Housing Corp., RB, S/F Housing, Series C, AMT, 4.63%, 7/01/22

     3,195        3,240,305   
   

 

 

  
              8,539,471   

Maryland — 3.6%

    

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

    

5.00%, 7/01/18

     400        437,268   

Charlestown Community, 5.00%, 1/01/19

     1,685        1,805,376   

University of Maryland Medical System, 5.00%, 7/01/18

     1,000        1,100,000   

Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project, Series B, AMT, 5.00%, 3/01/19

     5,000        5,604,350   
   

 

 

  
              8,946,994   

Michigan — 3.7%

    

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.00%, 5/15/18

     2,025        2,215,148   

Michigan State Finance Authority, Refunding RB, AMT:

    

5.00%, 11/01/17

     2,275        2,433,499   

5.00%, 11/01/18

     2,100        2,303,658   

Michigan State Hospital Finance Authority, Refunding RB, Oakwood Obligation Group, Series A, 5.00%, 7/15/17 (e)

     1,000        1,078,490   

Michigan State Housing Development Authority, Refunding RB, Series B, 4.15%, 4/01/18

     1,000        1,067,550   
   

 

 

  
              9,098,345   
 

 

                
2    BLACKROCK MUNICIPAL 2018 TERM TRUST    SEPTEMBER 30, 2015   

Schedule of Investments (continued)

   

BlackRock Municipal 2018 Term Trust (BPK)

 

Municipal Bonds  

Par  

(000)

     Value  

Missouri — 0.8%

    

City of Kansas City Missouri, Refunding ARB, AMT, Series A, 5.00%, 9/01/18

   $ 1,750      $ 1,936,445   

Nebraska — 1.7%

    

Central Plains Energy Project, RB, Gas Project (Project No. 3), 5.00%, 9/01/17

     2,330        2,483,244   

Public Power Generation Agency, RB, Whelan Energy Center, Series 2-A (AGC), 5.00%, 1/01/17 (e)

     1,500        1,584,375   
   

 

 

  
              4,067,619   

Nevada — 4.2%

    

City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.35%, 6/01/17

     925        928,071   

County of Clark Nevada, Refunding, Special Assessment Bonds, Improvement District No. 142, Mountain’s Edge, 4.00%, 8/01/18

     3,815        3,927,314   

Director of the State of Nevada Department of Business & Industry, RB, Mandatory Put Bonds, Republic Services, Inc. Project, AMT, 5.63%, 12/01/26 (a)

     5,120        5,532,006   
   

 

 

  
              10,387,391   

New Jersey — 12.9%

    

New Jersey EDA, Refunding RB:

    

3.25%, 1/01/18

     250        250,883   

Cigarette Tax Revenue, 5.00%, 6/15/18

     5,000        5,366,050   

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.50%, 4/01/16

     2,865        2,907,746   

New Jersey Educational Facilities Authority, RB, Seton Hall University, Series D, 5.00%, 7/01/18

     320        351,725   

New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (d)

     2,500        2,903,850   

New Jersey Health Care Facilities Financing Authority, Refunding RB:

    

AHS Hospital Corp., 5.00%, 7/01/18

     850        934,269   
Municipal Bonds  

Par  

(000)

     Value  

New Jersey (continued)

    

New Jersey Health Care Facilities Financing Authority, Refunding RB (continued):

    

AtlantiCare Regional Medical Center, 5.00%, 7/01/20

   $ 1,500      $ 1,598,415   

Barnabas Health, Series A, 5.00%, 7/01/18

     2,000        2,180,660   

New Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22

     1,770        1,816,781   

New Jersey State Turnpike Authority, Refunding RB, Series G, 5.00%, 1/01/18

     1,350        1,473,782   

New Jersey Transportation Trust Fund Authority, RB:

    

Series B, 5.00%, 6/15/18

     2,000        2,112,480   

Transportation Program, Series AA, 5.00%, 6/15/18

     2,000        2,112,480   

Transportation System, Series A, 5.75%, 6/15/18

     1,320        1,419,858   

Transportation System, Series A (AMBAC), 5.75%, 6/15/18

     2,070        2,226,595   

Newark Housing Authority, RB, South Ward Police Facility (AGC), 4.50%, 12/01/18

     3,635        3,815,659   

South Jersey Transportation Authority LLC, Refunding RB, Series A, 5.00%, 11/01/20

     200        221,046   
   

 

 

  
              31,692,279   

New York — 5.2%

    

City of New York New York Industrial Development Agency, RB, JFK International Airport Project, AMT, Series B, 2.00%, 8/01/28 (a)

     1,530        1,532,310   

Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 11/15/18

     1,000        1,124,080   

New York State Dormitory Authority, RB, General Purpose, Series A, 5.00%, 3/15/18

     8,000        8,831,040   

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20

     1,200        1,362,360   
   

 

 

  
              12,849,790   

North Carolina — 0.9%

    

North Carolina HFA, Refunding RB, Series 28-A, AMT, 4.65%, 7/01/23

     2,240        2,286,973   

North Dakota — 0.6%

    

North Dakota HFA, RB, S/F Housing, 1.15%, 1/01/18

     1,425        1,429,745   
 

 

                
   BLACKROCK MUNICIPAL 2018 TERM TRUST    SEPTEMBER 30, 2015    3

Schedule of Investments (continued)

   

BlackRock Municipal 2018 Term Trust (BPK)

 

Municipal Bonds   Par  
(000)		     Value  

Oklahoma — 0.4%

    

County of Canadian Oklahoma Educational Facilities Authority, RB, Mustang Public Schools Project, 4.00%, 9/01/18

   $ 1,000      $ 1,076,180   

Pennsylvania — 7.4%

    

Cumberland County Municipal Authority, Refunding RB:

    

4.00%, 1/01/18

     1,380        1,448,889   

5.75%, 1/01/19 (d)

     2,135        2,458,730   

5.75%, 1/01/19

     240        272,422   

Lancaster Industrial Development Authority, Refunding RB, Garden Spot Village Project:

    

5.00%, 5/01/16

     300        306,024   

5.00%, 5/01/17

     1,175        1,224,244   

Montgomery County Industrial Development Authority, Refunding RB, 5.00%, 1/15/18

     1,000        1,074,630   

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/18

     2,100        2,337,195   

Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 3.00%, 11/01/18

     1,000        1,036,550   

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, Inc., Student Housing Project:

    

4.00%, 10/01/17

     275        286,737   

4.00%, 10/01/18

     560        590,974   

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/18

     1,000        1,100,430   

Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/18

     1,500        1,659,030   

Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22

     1,000        1,130,660   

Philadelphia Gas Works Co, Refunding RB, 4.00%, 8/01/18

     1,000        1,076,900   

State Public School Building Authority, RB, Community College of Allegheny County Project (AGM), 5.00%, 7/15/18

     900        991,008   
Municipal Bonds   Par  
(000)		     Value  

Pennsylvania (continued)

    

West Chester Area School District, GO, Refunding, Series AA, 5.00%, 5/15/18

   $ 1,000      $ 1,110,150   
   

 

 

  
        18,104,573   

Texas — 12.9%

    

Alliance Airport Authority Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21

     2,000        2,027,880   

Birdville ISD Texas, GO, Refunding, CAB (PSF-GTD), 0.00%, 2/15/18 (f)

     1,615        1,580,181   

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 5.75%, 1/01/18

     750        823,403   

City of Dallas Texas, GO, Refunding, 5.00%, 2/15/18

     3,500        3,853,850   

City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21

     2,500        2,792,625   

City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/18

     1,000        1,105,450   

Houston ISD Public Facilities Authority, RB, 5.00%, 9/15/18

     5,000        5,590,250   

Lower Colorado River Authority, Refunding RB, LCRA Transmission, Series B, 5.00%, 5/15/18

     5,000        5,524,900   

New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:

    

4.00%, 4/01/17

     160        164,955   

4.00%, 4/01/18

     280        291,928   

4.00%, 4/01/18

     405        421,451   

4.00%, 4/01/20

     165        179,515   

North Texas Tollway Authority, Refunding RB, Series C, 5.00%, 1/01/19

     2,215        2,486,470   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/18

     4,360        4,826,040   
   

 

 

  
        31,668,898   

U.S. Virgin Islands — 0.4%

    

Virgin Islands Public Finance Authority, Refunding RB, Senior Lien, Series B, 5.00%, 10/01/18

     1,000        1,089,590   

Virginia — 2.0%

    

City of Norfolk Virginia, Refunding RB, Water Revenue, 5.00%, 11/01/18

     1,230        1,384,045   
 

 

                
4    BLACKROCK MUNICIPAL 2018 TERM TRUST    SEPTEMBER 30, 2015   

Schedule of Investments (continued)

   

BlackRock Municipal 2018 Term Trust (BPK)

 

Municipal Bonds   

Par  

(000)

     Value  

Virginia (continued)

     

Virginia College Building Authority, Refunding RB, Series A, 5.00%, 7/01/18 (g)

    $ 785      $ 842,721   

Virginia HDA, Refunding RB, Sub-Series E-2, AMT, 4.38%, 10/01/19

      2,750        2,755,198   
    

 

 

  
        4,981,964   

Washington — 1.5%

     

Energy Northwest, Refunding RB, Wind Project Revenue, 5.00%, 7/01/18

      2,865        3,168,747   

Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B, 5.00%, 10/01/18

      500        558,225   
    

 

 

  
        3,726,972   

Wisconsin — 1.9%

     

City of Franklin Wisconsin, RB, Waste Management, Inc. Project, AMT, 4.95%, 4/01/16

      1,990        2,028,606   

State of Wisconsin, Refunding RB, Series A, 5.00%, 5/01/18

      1,000        1,108,020   

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/19

      1,265        1,428,716   
    

 

 

  
        4,565,342   
Total Municipal Bonds - 94.7%        233,196,839   
Municipal Bonds Transferred to
Tender Option Bond Trusts (h)		  

Par  

(000)

     Value  

Illinois — 2.2%

    

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20

   $ 5,000      $ 5,433,800   

Total Long-Term Investments

(Cost — $232,397,698) — 96.9%

  

  

     238,630,639   
   
                 
Short-Term Securities   Shares         

FFI Institutional Tax-Exempt Fund, 0.02% (i)(j)

     8,808,221        8,808,221   

Total Short-Term Securities

(Cost — $8,808,221) — 3.6%

  

  

     8,808,221   

Total Investments

(Cost — $241,205,919*) — 100.5%

  

  

     247,438,860   
Other Assets Less Liabilities — 1.0%        2,432,110   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.5)%

   

     (3,754,637 ) 
   

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 246,116,333   
   

 

 

  

 

*   As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 238,109,938   
   

 

 

  

Gross unrealized appreciation

   $ 7,567,180   

Gross unrealized depreciation

     (1,988,258 ) 
   

 

 

  

Net unrealized appreciation

   $ 5,578,922   
   

 

 

  
 
Notes to Schedule of Investments

 

(a)   Variable rate security. Rate shown is as of report date.

 

(b)   Non-income producing security.

 

(c)   Issuer filed for bankruptcy and/or is in default of interest payments.

 

(d)   Security is collateralized by municipal bonds or U.S. Treasury obligations.

 

(e)   U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(f)   Zero-coupon bond.

 

(g)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(h)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

                
   BLACKROCK MUNICIPAL 2018 TERM TRUST    SEPTEMBER 30, 2015    5

Schedule of Investments (continued)

   

BlackRock Municipal 2018 Term Trust (BPK)

 

 

(i)   During the period ended September 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate     

Shares Held

at December 31,

2014

       

Net

Activity

       

Shares Held

at September 30,

2015

        Income  

FFI Institutional Tax-Exempt Fund

        4,625,172           4,183,049           8,808,221         $ 10,832   

 

(j)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
GO    General Obligation Bonds
HDA    Housing Development Authority
HFA    Housing Finance Agency
IDA    Industrial Development Authority
ISD    Independent School District
PSF    Public School Fund
RB    Revenue Bonds
S/F    Single-Family

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

                
6    BLACKROCK MUNICIPAL 2018 TERM TRUST    SEPTEMBER 30, 2015   

Schedule of Investments (concluded)

   

BlackRock Municipal 2018 Term Trust (BPK)

 

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

  

Investments:                 

Long-Term Investments 1

    —         $ 238,630,639         —      $ 238,630,639   

Short-Term Securities

   $ 8,808,221           —         —        8,808,221   
 

 

 

  

Total

   $ 8,808,221         $ 238,630,639         —      $ 247,438,860   
 

 

 

  

1    See above Schedule of Investments for values in each sector.

       

The Trust may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $3,750,000 is categorized as Level 2 within the disclosure hierarchy.

During the period ended September 30, 2015, there were no transfers between levels.

 

                
   BLACKROCK MUNICIPAL 2018 TERM TRUST (BPK)    SEPTEMBER 30, 2015    7

Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Municipal 2018 Term Trust  
By:      

/s/ John M. Perlowski

  
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock Municipal 2018 Term Trust

Date: November 23, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:      

/s/ John M. Perlowski

  
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock Municipal 2018 Term Trust

Date: November 23, 2015

 

By:      

/s/ Neal J. Andrews

  
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock Municipal 2018 Term Trust

Date: November 23, 2015